Oanda is an online forex broker that, while not as well known as many others, has a very loyal following and receives good reviews anywhere you look. I have tested Oanda and has come to about the same conclusion. Oanda is a forex broker who is all business and no hype. What I liked initially about Oanda, and what set it apart at first glance, is the ability to choose your lot amount. As you may know, most brokers only allow their users to trade the standard 100k lot for a normal account or 10k for mini accounts. Oanda lets you choose lot size and that’s certainly thinking outside of the box.
Another thing you will discover when you click around their website is that they have a vast amount of forex content available to traders. They even have their own moderated forum. I liked this and it gives you an opportunity to talk to other traders that use Oanda. It also adds credibility to the user support.
What else did I like about Oanda? I liked their charting software and trading platform. They could have had more time frames available, but overall it is a very nice platform to trade. Oanda also allows you to have sub account of different currencies and there are no minimum deposits, so you can save on currency conversion. You can withdraw money out of your sub account though, it has to be transferred to your primary account, but that is fast and easy to do.
The orders screen will be familiar, nothing groundbreaking here, but the screen does show you the current volume in the market when you place an order. That could be valuable as you decide how big a position to take on. For stop loss there are no limits as to how close you can place your order. Only you have to add one pip to the price. This eliminates a lot of hassle.
What is there to say negatively about Oanda? Not much really but there are some small annoyances. First of all the maximum leverage with Oanda is 50:1. While it is nice that Oanda doesn’t market on having huge leverage, which can drain an account very fast, it would be nice if they could at least offer the 100:1 standard leverage.
I read on a different website that user have complained about slippage when placing orders with Oanda, but I did not encounter anything of the kind, so I am more inclined to believe that it’s possibly competitors who are trying to discredit them. I do believe that Oanda is one of a few forex brokers online who are suitable for serious and professional traders.
The platform is web based which may be a annoyance for some. I prefer my software to run from my own computer, but that is more of a personal preference really.
In conclusion I have only good things to say about Oanda. They show all the signs of being a serious and reliable broker, you can tell from such things as the low leverage. I recommend them to those of you who are serious about forex trading and willing to try a less known broker.